I would not touch the shares E&T have a mountain of debt to pay down so I would not expect a divvy on the ord or pref shares for a long time. I thought the market had it right when the shares were trading around 30c I hold some convertable notes(ETWG). They have an interest rate of 8.25% based on a face value of $1.00 and mature Oct 2007. E&T are obliged by the terms to pay the interest or incur default which means paying out the notes at face value which would cost them $20mil. So it's better for them to find $1.6mil per year to pay the interest and hopefully by Oct 2007 they will be in a position to redeem the notes. It's a risky punt, but at 70c, the notes are paying 12%
ETW Price at posting:
0.0¢ Sentiment: None Disclosure: Held
